By Desiree Yang
Technology has eradicated the need for businesses to rely on operating at physical stores, which more often than not require a large amount of manpower. These same advancements have also made available a wider range of funding opportunities, and people are no longer limited to loans from banks, family, friends or investors.
Enter crowdfunding, a new method of funding that allows people to fund business ideas or products from community contributions. It is essentially the funding of a venture with money raised by appealing to a ‘crowd’ via platforms like Indiegogo and Kickstarter. Crowdfunding opens up endless possibilities for startups, and even a project as banal as making potato salad can garner an outpouring of support. Zack “Danger” Brown’s potato salad Kickstarter campaign drew a grand total of US$55,492 in funding – far surpassing his goal of US$10.
Trying to get your business started through crowdfunding is a lot like running for president in the US, and here’s why. (Read More Here!)